Granville Co. recently purchased several shares of Kalvaria Electronics' preferred stock. The preferred stock has a before-tax yield of 8.10%. If the company's tax rate is 25%, what is Granville Co.'s after-tax yield on the preferred stock? Assume a 50% dividend exclusion for tax on dividends. (Round your final answer to two decimal places.)

a. 2.03%

b. 6.07%

c. 4.05%

d. 5.06%

e. 7.09%